You are here

Australia's Westpac Banking Corp on Monday reported a rise in the number of people missing mortgage payments amid a sluggish economy and a soft housing market.

PHOTO: REUTERS

[BENGALURU] Australia's Westpac Banking Corp on Monday reported a rise in the number of people missing mortgage payments amid a sluggish economy and a soft housing market.

The country's second-largest bank said 90-plus-day delinquencies, the overall percentage of loans that are about three months overdue, were up 8 basis points over the third quarter to 0.9 per cent.

Australia's housing market has been under immense strain, with housing prices having fallen every month since late 2017. But recent encouraging signs in June from Sydney and Melbourne, and interest building from Chinese buyers, a key base, have spurred hopes that things may be improving.

"Softness in property market contributing to an increase in the time it takes to sell a property have contributed to the rise in delinquencies and properties in possession," Westpac said in a statement.